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OC sues or turn over to CA


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Posted by NewbieHere (66.120.56.214) on June 18, 2003 at 02:23:54:

Hi,
Sorry, this is kinda long. Thanks in advance for reading it through and provide any suggestions.

Anyway, I've huge balances spread across 10 credit cards. The balances (totalling around $80k) along with the interest have been accumulating for the past 3 or so years. I've not missed or ever been late on a payment yet. But it's gotten to the point that I can't keep up with the minimum payments anymore. So I'm thinking of defaulting on all of the credit cards. Since I owe 10 credit card companies (Bank of America, Discover, MBNA, American Express Blue, American Express Corporate, Chase, Citibank, FirstUSA/BankOne, Fleet...), am I very likely to be sued by at least one of them, some of them, all of them, or is there any likelihood that they will all be turned over to various collection agencies. I guess I'm asking this question because I'll try to cope with the harassing calls from CAs if I end up defaulting. But if I get sued by the credit companies (original creditors) then that would be a different story right?

I also have a home equity loan, student loan, dental bills, and a few other bills to take care of besides rent. My car (worth about $9000) is fully paid off. I need it to get to work. Will anyone one of those CCs or CAs come after my car? I also have a small condo out of state but my folks are living in it right now. There's still some equity left on the condo but my folks are retired and I don't want them thrown out when if one, or all of the CCs, go after the condo. Chap 13 would do me no good since I don't make enough that would possibly allow me to come up with a payment plan to pay everything off in 3-5 years. And I don't want to loose the condo and car with a Chap 7. Oh, I live in California by the way and have a steady job. Can they also garnish my wage?
I know I'm in deep deep doodle. Is defaulting the best option out of all the crappy ones that I should take? I know it's my fault to rack up the balances on the credit cards and I've been trying to keep up with the payments for the past 3 or so years. But it's gotten to a point where I just can't handle it anymore, so... Any advice will be greatly appreciated. Thanks again.


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